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Market Overview - The cryptocurrency market experienced a significant decline on August 18, with Bitcoin dropping below $115,000 and a 24-hour decline of nearly 3% [1][3] - Ethereum, Solana, and Cardano saw declines exceeding 6%, while the total market capitalization fell below $400 billion, currently reported at $388 billion [3][4] Liquidation Events - Over the past 24 hours, more than $550 million in cryptocurrency contracts were liquidated, affecting over 130,000 traders, with the majority being long positions [4][5] - The largest single liquidation occurred on Bitmex-XBTZ25, valued at $7.825 million [4] Influencing Factors - Analysts attribute the recent downturn to multiple factors, including profit-taking, weakened expectations for Federal Reserve interest rate cuts, and comments from U.S. Treasury Secretary Janet Yellen that impacted market confidence [1][6] - The recent volatility follows a period where Bitcoin reached a historical high of over $124,000 and Ethereum approached $4,800, indicating a rapid market correction [3][8] Economic Context - The decline in cryptocurrency prices is also linked to rising inflation in the U.S., which diminishes hopes for aggressive interest rate cuts by the Federal Reserve [8][9] - Recent Producer Price Index (PPI) data showed a significant increase, leading to a shift in market expectations regarding future monetary policy [8][9] Institutional Behavior - Despite the downturn, analysts suggest that the market's decline is more about capital rotation rather than a complete loss of investor confidence, as institutional participation remains robust [5][6] - Funds have been flowing out of certain Bitcoin ETFs while others, like BlackRock's IBIT, continue to attract net inflows, indicating a strategic repositioning rather than an exit from the market [5]